Meezan Bank to acquire HBON’s Pakistan business

KARACHI: Meezan Bank Limited has entered into an agreement with HSBC Bank Oman (HBON) to acquire HBON’s banking business in Pakistan, a bourse filing said on Friday.
HBON is an indirect 51 percent-owned subsidiary of HSBC Holdings plc. The amalgamation is expected to be completed, subject to regulatory and other relevant approvals, including the approval of direct shareholders of Meezan Bank Limited, during the second half of 2015.
HBON Pakistan business comprises of just one branch and gross assets of Rs4.1 billion as of March 31, 2015.Meezan Bank operates 444 branches and is the largest Islamic bank in the country.